Significant progress made in US-China trade talks

(Patria) - US Treasury Secretary Scott Bessent stated yesterday that significant progress has been made in the negotiations between his team and Chinese Vice Premier He Lifeng in Geneva regarding the reduction of tensions in the trade war between the world's two largest economies.

Bessent said that details would be released today, and US Trade Representative Jamieson Greer, who is also part of the negotiations, assessed that the differences between the two sides are not as great as previously thought.

- I am pleased to report that we have made significant progress between the US and China in very important trade negotiations - Bessent told reporters.

He added that he had informed President Donald Trump about the progress and that a briefing on the details would follow today.

Yesterday marked the second day of negotiations on how to de-escalate the trade war that threatens to cause significant damage to the global economy.

Greer described the conclusion of the meeting as an agreement reached with Chinese partners that will help them reduce the US global trade deficit of $1.2 trillion.

- These were, as the Secretary pointed out, two very constructive days. It is important to understand how quickly we managed to reach an agreement, which shows that the differences may not be as great as they might have seemed - Greer said, adding that Chinese officials were tough negotiators.

The meeting was the first direct interaction between Bessent, Greer, and He since the two largest economies imposed tariffs of over 100 percent on each other.